27. September 2023

Animoca Brands reports record revenues from Blockchain games during the pandemic

Animoca Brands, the company behind blockchain-driven games The Sandbox, F1 Delta Time, and Crazy Defense Heroes, has reported unaudited revenue for the first four months of 2020 of $7.34 million during the COVID-19 pandemic.

The first quarter was the best in Animoca Brands‘ history with $4.33 million in revenue, followed by a record month with $3 million during April.

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Animoca Brands had $6.08 million in trust assets and crypts at the end of April. About $770,000 of the company’s holdings included Bitcoin (BTC) and Ether (ETH), along with $1.12 million in various altcoins.

Animoca attributed the increase in its crypto assets to successful sales of non-expendable tokens (NFT) of its titles The Sandbox, F1 Delta Time and Crazy Defense Heroes.

NFTs drive the „property rights revolution“
Speaking to Cointelegraph, Yat Siu, the founder of Animoca, recounted the discovery of NFT in 2017 after acquiring a small Vancouver-based company called Fuelpowered, whose co-founder, Mik Naayem, also co-founded CryptoKitties.

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Yat Siu compared the impact that the TFN will have on games with the introduction of property rights in feudal Europe, claiming that ownership of the items compensates players for the time and labour they invest in the games.

The entrepreneur also spoke of the company’s strategy to acquire established gaming companies with loyal users and to make the benefits of Ethereum Code available to them. He said that the adoption of blockchain in a gaming context may depend on an intelligent game design that masks the complexities of blockchain technology.

„Not only are we acquiring a talented team […] but we are also acquiring customers who already play the game […] We are not acquiring them just because we want them to keep making mobile games. We have a very clear directive to ultimately move them to the blockchain.